Now and credit cards, the priorities for Invex: Jean-Marc Mercier

Invex has been placed strong goals for this and the following years because, not only does it want to maintain accelerated and healthy growth, it also seeks to expand the functionalities of its neobanco Now and become the fifth issuer of Credit cards to 2026.

Jean-Marc Mercier, CEO of Invex Financial Groupconsidered that 2023 was a great year because its main businesses grew and other areas that are being transformed are doing well.

It was a year of many achievements, of many changes, but, I insist, of very good results,” he reiterated in an interview with Excelsior within the framework of the 2024 National Banking Convention.

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Mercier considered that the great challenge for this year is to maintain that level of growth, while maintaining a healthy portfolio and taking advantage of market opportunities such as nearshoring through its business banking segment.

Although perhaps the greatest goal that has been set Invex It has to do with credit cards.

In credit cards, last year we grew 50% and we are already the sixth card issuer measured by portfolios in Mexico, not by clients, but by portfolio, which I think is the important thing and, in addition to the important thing of placing a portfolio, is to place it responsibly,” highlighted the manager.

The next step for financial institution es reach he fifth place in credit card issuance in the Mexican market, something it hopes to achieve by 2026.

We have seen this challenge as something achievable, but, again, it is in a responsible manner, we do not want to grow for the sake of growth, have clients for the sake of having clients and appear in the newspapers for models that are not sustainable over time,” he added.

In particular because The director of Invex predicts that this will be a good year for the Mexican economya situation that could be repeated in 2025 although this will depend on the results of the presidential elections in both Mexico and the United States.

ABOUT NEOBANCO

Mercier recalled that in January of last year they launched Now that, although it uses the same banking license that it has Invexit’s a neobanco.

The latter means that it was born digitally, that is, the user does not need to visit any branch and can open an online account in a few minutes, while at the same time having the security and protection that a traditional bank has.

The manager stated that Now managed to place almost 130 thousand accounts in its first year and are continually adapting to what customers need.

Now as a digital bank it is going very well, this year we intend to launch new functionalities that will be released shortly, we are already in tests, and with which we are going to compete on a one-to-one basis with fintechs and with banks that are also digitizing or banks traditional banks that are launching digital banks,” he confided.

THE CHALLENGES

When talking about the financial industry in Mexico, Jean-Marc Mercier considered that banking in general remains well capitalized and is doing its business well, especially in a complex rate environment.

Obviously the financial inclusion part is going well, there are always challenges, but within these not everything is up to the banks, it is also the responsibility of the government, civil society and others,” he highlighted.

What worries him is that, in the fintech segmentsome players are applying a business model that is neither profitable nor sustainable.

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